More Blues At Gray Lady
The news is particularly significant as Big Print scrambles to pick up new media to offset its own declining circulation. The NYT paid $410 million in March for About.com -- something that would be difficult to repeat given S&P's new rating.
Meanwhile, the NY Post reports internal communications at the Times were not exactly textbook:
The extent of the cuts apparently caught Times Executive Editor Bill Keller by surprise.
He learned last Friday that the company planned to cut 500 jobs — about 4 percent of its workforce — and on Monday was informed by Publisher Arthur Sulzberger, Jr. that the Times newsroom would take a 45-person hit.
"My heart sank," Keller said in an interview with Editor & Publisher. "I was hoping we could do this without layoffs, which are poison in a newsroom."